Source: New Hampshire State Congress
Note: On May 6, 2025, New Hampshire Governor Kelly Ayotte signed New Hampshire House Bill 302. This marks that New Hampshire has officially become the first state in the United States to pass the "Strategic Bitcoin Reserve" bill.
Full name of the bill: Relative to enabling the state treasury to invest in precious metals and digital assets.
A bill to allow the treasury to invest in precious metals and digital assets.
BE IT ENROLLED BY THE SENATE AND THE HOUSE OF AGENTS, CONVINCED:
Section 6 of the RSA, State Tax Code, is amended by inserting after section 8-c the following new provision:
6:8-d Establishing a strategic reserve.
I. In the new provision:
(a) “Exchange-traded product” or “ETP” means any financial instrument approved by the SEC, the Commodity Futures Trading Commission, or a State securities commissioner, that is traded on a regulated exchange in the United States and that derives its value from a pool of underlying assets, such as stocks, bonds, commodities, or indices.
(b) “Precious metal” means any of the following, whether in coin, bar, or other form:
(1) silver;
(2) gold; or
(3) platinum.
(c) “Qualified custodian” means any federally or state-chartered bank, trust company, special purpose depository institution, or state-regulated corporation that custody digital assets for approved exchange-traded products.
(d) “Secure custody solution” means a technology product or hybrid of products and services that has all of the following characteristics:
(1) The cryptographic private keys that protect the digital assets are known and accessible only to government entities.
(2) The cryptographic private keys that protect the digital assets are contained only in an encrypted environment and can only be accessed through an end-to-end encrypted channel.
(3) The cryptographic private keys that protect the digital assets are never stored, accessed, or controlled by a smartphone.
(4) Any hardware containing the cryptographic private keys that protect the digital assets is stored in at least two geographically dispersed, specially designated secure data centers.
(5) The secure custody solution enforces a multi-party governance structure to authorize transactions, enforces user access controls, and logs all user-initiated actions.
(6) The provider of the secure custody solution has implemented a disaster recovery protocol to ensure that customers can access their assets if the provider is unavailable.
(7) The secure custody solution undergoes regular code audits and penetration testing by an auditing firm.
II. Notwithstanding RSA 6:8, the state treasury secretary may invest a portion of public funds in precious metals and any digital asset with an average market value of more than $500 billion during the preceding calendar year (note: among digital assets, only BTC currently has a market value of more than $500 billion) , with such funds drawn from the general fund, the revenue stabilization fund established in RSA 9:13-e, and any other fund authorized by the legislature.
III. The state treasurer may not invest more than 5% of the total public funds in any investment authorized by paragraph 2.
IV. Digital assets acquired by any fund listed in paragraph 2 shall be held:
(a) directly managed by the state treasurer through the use of a safe custody solution;
(b) by a qualified custodian on behalf of the state, or
(c) in the form of an exchange-traded product issued by a registered investment company.
IV. Digital assets acquired by any fund listed in paragraph 2 shall be held:
(a) directly managed by the state treasurer through the use of a safe custody solution;
(b) by a qualified custodian on behalf of the state, or
(c) in the form of an exchange-traded product issued by a registered investment company.
V. Any precious metal acquired under this chapter shall be held:
(a) as an exchange-traded product;
(b) in physical form with a qualified custodian; or
(c) in physical form by a State, either directly or jointly with another State, in accordance with rules established by the Treasurer.
This Act shall take effect 60 days after the date of its enactment.
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